Whether The "Green" Of Green Bonds Is Priced

China is in a critical period of transition to high-quality development,and the realization of green industrial upgrading is a key link based on eco-friendly development.In the financial market,the proposal for green finance has become an important topic of financial development in the new era.Green bonds,as one of the important tools of green finance,are designed to guide enterprises to flow into green projects through the issuance of green bonds,and help the construction of environmental ecology.The issuance of green bonds also provides some convenience for enterprises in debt financing.Based on background,this paper makes an empirical analysis with data to explore the specific effects difference between green bonds and non-green bonds in the bond spread and the development of corporate debt financing.Based on the development of China’s green bond market,this paper uses the data of bonds issued in China from 2016-2022 to focus on the difference between the "green" factor in green bonds and the pricing spread of ordinary non-green bonds.Research findings as follows.(1)Whether it is the full sample or the sample after matching green bonds and non-green bonds with different matching methods.Compared with non-green bonds,the issuance of green bonds by enterprises has significantly reduced the bond spread,thus reducing the cost of corporate debt financing.The subsequent research is based on the sample after matching the propensity score.After adopting the replacement green variable method and adding the control variable method,the same conclusion is still drawn that the "green" factor does make the green bond have a premium.(2)In order to avoid the possible endogenous problems,this paper adopts the method of propensity score matching,adding missing variables and instrumental variables to solve the endogenous problems.After adding three missing variables of GDP growth rate,PRI and total score of marketization process,the green premium situation still exists significantly.And after using the average area of nature reserves in each province as a tool variable for two-stage least squares estimation,we also get the conclusion that the green factor in green bonds is conducive to reducing bond spreads.In the further analysis and discussion,bonds with green certification and high degree of green capital will have a positive impact on the pricing of green bonds,which will reduce bond spreads to a greater extent,and enterprises will obtain better debt financing results.(3)The construction of structural equation model and the study of the intermediary effect mechanism show that the "green" factor in green bonds has a significant reduction effect on bond spreads,which is mainly achieved through the two channels of enterprise operation quality and media attention.The main performance is that green bonds can not only directly affect bond spreads,and it can also affect the bond spread by influencing the overall business quality of the enterprise to produce a partial intermediary effect.In terms of media attention,green bonds have a positive impact on bond spread pricing mainly through the full intermediary effect of increasing corporate media attention.In relative terms,the mechanism of media attention is more powerful.(4)At the same time,through the heterogeneity analysis,it is found that the degree of development of the financial industry,the nature of enterprises,and the geographical location have a significant impact on the premium effect of green bonds.Specifically,the green bond premium is more significant for the samples with a high development degree of the financial industry,state-owned enterprises,East China and South China.In the investigation of the impact in the time point,the construction of a double difference model for the sample data found that the effect of the green bond spread premium in 2018 was more significant,and the effect of China’s green bond policy was significant.In view of the above empirical results,this paper puts forward some suggestions and implications for the construction of China’s green bond market system,market institutional arrangements,and the development of green projects for enterprises.It has important policy significance to further improve the development of the green financial market and jointly promote the national green construction by driving enterprises,carry out green transformation and upgrading through the role of policy guidance.